Apple Pay is the best American payment service available in China in front of PayPal, Amazon Pay and others

Apple CEO Tim Cook was in China last week and ended his visit by speaking at the China Economic Summit in Beijing. Tomorrow, Cook will open a new door for Apple covering new subscription services covering news, Hollywood entertainment and perhaps games. In a report released yesterday by Bloomberg, Apple could even announce the Apple Pay app from Apple Pay + Goldman Sachs, which will lay the foundation for a real credit card.

The rumor about credit cards, which began in May 2018, resurfaced in February 2019. It is interesting to note that, according to our February 23 report, Apple Pay had difficulties in the United States in tied with Google Pay at 2%, far behind Amazon Pay at 5% and miles behind PayPal at 22%. Most important, credit cards like Visa still account for 45% of the payments market.

Strategically, working to market their own branded credit card will allow Apple Pay to have a bigger footprint in the payments market over time.

Apple continues its efforts to improve the success rate of Apple Pay in the United States. It was a surprise to learn that Apple Pay ranks fifth in China, as indicated by the recent Statista chart below.

While the top four places are dominated by Chinese payment services, Apple Pay is comfortably in fifth place and only 1% of the fourth place held by Baidu Wallet. For US payment services, Apple Pay is way ahead of Amazon Pay, PayPal, Google Pay and Facebook.

Mark Gurman, of Bloomberg, said in his report yesterday that "Goldman's CEO, David Solomon, intends to attend Monday's event, suggesting that the partnership will be announced or that an agreement is about to be signed ".

Although this may seem like an unusual announcement to make at an entertainment event, it is actually only a new "service". So we will keep an eye open for tomorrow. The sooner this credit card is available for Apple fans, the more it will reflect the growth in Apple's service revenues by the end of the year.

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